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How Has the Flexible Display Market Grown Recently and What is the Expected Trend?
The flexible display market size has significantly escalated in the past few years and is projected to grow from $19.65 billion in 2023 to $26.32 billion in 2024 at a compound annual growth rate CAGR of 33.9%. A surge in the adoption of consumer electronics, extensive research and development investments, growth of the automotive sector, and the rise in e-commerce industry have been the key drivers of this growth.
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What Are the Projections For the Market's Growth?
Forecasts suggest that the flexible display market size will witness an immense growth, expected to reach $79.36 billion in 2028 at a compound annual growth rate CAGR of 31.8%. Several factors contributing to this estimated surge include the integration of smart home technology, an expanding healthcare sector, increasing adoption of smartphones, a rise in disposable incomes, and a burgeoning gaming and entertainment sector. Additionally, trends such as wearable technology, holographic displays, Internet of Things IoT integration, eco-friendly and sustainable manufacturing processes, and increasing demand for customization and personalization are set to further propel the market.
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What's Driving the Growth of the Flexible Display Market Going Forward?
The rising demand for OLED-based devices is expected to further contribute to the growth of the flexible display market. OLED, an acronym for Organic Light-Emitting Diodes, is a type of light-emitting diode that provides excellent picture quality due to an emissive electroluminescent layer. As flexible displays predominantly consist of OLED displays that offer superior picture quality even when twisted or bent, the demand for OLED displays, especially in devices such as smartphones and televisions, is on the upswing. This is reflected in a report by the Retailers Association of India RAI, where consumer electronics and appliance sales increased by 23.5 percent in the third quarter of 2021.
Who Are the Major Players in the Flexible Display Market?
The flexible display market consists of several prominent players including BOE Technology Group Co. Ltd., LG Display Co.Ltd., Royole Corporation, Samsung Electronics Co. Ltd., Japan Display Inc., AU Optronics Corp., Innolux Corporation, Corning Inc., Sharp Corporation, Visionox Technology Inc., E Ink Holdings Inc., Koninklijke Philips N.V., Microtips Technology, Delta Electronics Inc., DuPont de Nemours Inc., Hewlett Packard Enterprise Development LP, Nokia Corporation, Sony Corporation, Atmel Company, Plastic Logic GmbH, Panasonic Corporation, Japan Display Inc., FlexEnable Limited, Chunghwa Picture Tubes Ltd., Huawei Technologies Co. Ltd., Innolux Corporation, AU Optronics Corp., TCL Electronics Holdings Limited, Microchip Technology Inc., Cambrios Technologies Corp.
What Are the Recent Advancements in Technology for this Market?
Technological advancements are a key trend bolstering the growth of the flexible display market. Major companies operating in this sphere are continually innovating to enhance their market standing. For instance, in January 2022, Samsung Electronics launched new displays, MicroLed and Neo QLED, in their new Lifestyle Television models. The Neo Quantum Processor in these models allows the TV to control its lighting and enhance the brightness and accuracy of all shapes on the screen, including features like cloud gaming, on-screen multitasking, and a variety of cutting-edge personalization options.
How is the Flexible Display Market Segmented?
The flexible display market segments are as follows:
1 By Display Type: OLED Organic Light-Emitting Diodes, LCD Liquid-Crystal Display, EPD Electronic Paper Display, Other Display Types
2 By Substrate Material: Glass, Plastic, Others Substrate Types
3 By Form Factor: Curved Display, Bendable and Foldable Display, Rollable Display
4 By Application: Smartphone and Tablet, Smartwatches and Wearables, Television and Digital Signage Systems, PC Monitors and Laptops, E-reader, Electronic Shelf Labels ESLS, Vehicles and Public Transports, Other Applications
What are the Regional Insights Into the Flexible Display Market?
North America was the largest region in the flexible display market in 2023. However, this report further extends its regional analysis to cover Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East and Africa to provide a comprehensive understanding of the market dynamics across the globe.
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